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Italy: Enhanced transparency in “listed companies” and disclosure requirements (COVID-19)

Italy: Enhanced transparency in “listed companies”

The Italian exchange commission (CONSOB) issued Resolution no. 21304 (17 March 2020) to lower the reporting threshold for substantial interests in listed companies.


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The resolution lowers the threshold for the reporting of substantial interest to 1% (down from 3%) for companies with “high market capitalization” and a large number of shareholders, and to 3% (down from 5%) for small and medium size entities (SMEs). CONSOB has not considered it necessary to extend the resolution to all Italian companies listed on the electronic share market (Mercato Telematico Azionario di Borsa Italiana S.p.A.); rather, the resolution only affects 48 companies, 10 of which are SMEs.

The resolution is a relief measure relating to the coronavirus (COVID-19) pandemic and its implications for the Italian financial market. The intention to determine that corporate governance operates efficiently and transparently.

Read a March 2020 report [PDF 160 KB] prepared by the KPMG member firm in Italy

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